Importance of Employee Wellness Program at the Workplace

Whether it’s the private sector or a public sector, interest in employee well-being has grown steadily in the past 20 years with employers increasingly offering their employees multiple benefits. Workplace wellness programs are a great way for organizations to promote employee well-being and create a better work environment. By integrating different wellness activities into employees' daily lives, they can encourage them to live healthier lifestyles. Organizations that implement workplace wellness programs can see several benefits, including increased employee productivity, lower healthcare costs and reduced absenteeism.

In today's world, monetary benefits have become essential to ensure employee job satisfaction, regardless of title, salary or industry. The importance of ensuring employees' financial well-being is recognized as one of the top priorities of any organization, whether a small start-up or a multinational corporation.

Financial Wellness Programs are designed to help employees manage their finances and wealth in the right way. These programs can include workshops on building a balanced investment portfolio, managing financial crises, providing emergency funds, offering discounts or rebates on various lifestyle programs.

A survey report by PwC found that 73% of employee productivity is affected by financial worries. Programs like these can go a long way in reducing stress and increasing productivity in the workplace.

Importance of Financial Wellness for Employees
An employee's fiscal well-being can have a significant impact not only on their health but also on performance outcomes. Financial Wellness programs should not only promote prudent investments, enough insurance cover but also manage financial situations well. With a balanced financial wellness program, employers can make employee lives easier which in turn leads to organizational success eventually.

Benefits of the Employee Wellness Program:
Increased Employee Satisfaction: According to a report by PwC, 42% of employees face distractions at work due to money-related issues. However, by implementing a wellness program at your company, you can help safeguard — businesses along with employees from facing significant financial challenges in the future. Employees gain more satisfaction with their job when they have access to programs that can aid them with their finances. These programs also assist employees in setting and achieving their personal monetary goals such as contributing to investment plans and to also get access to Instant funds for any emergency situations.

Employees who are prepared for the unforeseen are more engaged in their jobs, as they knowthey have the financial stability to weather any storms that may come their way.

Improved Productivity: Employees who are at peace with their Finances have better productivity. Hence the wellness program must offer :
• Budget Management Advice
• Contingency Management Program
• Earned Wage Access
• Loans for Healthcare expenses, Insurance, Skill Upgradation, Travel, Marriage, etc

72% of millennials remain stressed due to problems at work, says PwC report. Programs like this help alleviate financial hardship for individuals and save employees time from debt and many other concerns.

Improved Employee Retention: In a survey conducted by Global Professional Services firm Aon Plc, it was revealed that the average attrition rate sits at 20.3%. However, with the implementation of a financial wellness program, employees are more likely to offer benefits and perks that help keep their money stable in the long run. Not only will this be beneficial for them, but it also aids in the protection of their valuable assets. Furthermore, employees are more likely to stay with a company where they feel like they have more significant financial support - which in turn improves retention and adds to the company culture as a whole.

Reduced Absenteeism: With the continuous rise of inflation, the cost of living has become increasingly steep which makes it difficult for employees to cover their expenses, even if they are being paid well at their primary job. The main reason for this is that many employees do not have a proper financial strategy in place for spending their money. This can often lead to feelings of stress, anxiety, and depression.

To help make ends meet, some employees may take on part-time jobs in addition to their regular job which can then lead to problems such as increased absenteeism from work. This can be detrimental to both the employees and the organization as a whole.

Healthy and happy employees tend to be more productive & innovative than those who are not. It's a win-win situation because it’s beneficial for a company in multiple ways. Wellness programs not only help in increased productivity, but also lead to increased engagement, improved employee morale and retention, and reduced health risks.

A good employee wellness program should ensure the emotional, physical, mental, and financial well-being of your employees. After all, the pros of putting into place a thorough employee wellness plan are always greater than the cons because as they say, “We build to stay and stay healthy!”.